Unity Bancorp (NASDAQ:UNTY) Upgraded by Freedom Capital to Strong-Buy Rating

Unity Bancorp (NASDAQ:UNTY) was upgraded by equities researchers at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other research firms have also issued reports on UNTY. Brean Capital began coverage on Unity Bancorp in a research note on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 target price on the stock. Weiss Ratings raised Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. DA Davidson restated a “buy” rating and issued a $68.00 price objective on shares of Unity Bancorp in a research report on Wednesday. Finally, Piper Sandler increased their price objective on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $65.50.

Unity Bancorp Stock Performance

Shares of UNTY opened at $57.25 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.72. Unity Bancorp has a 52-week low of $44.34 and a 52-week high of $60.86. The company has a 50-day simple moving average of $55.71 and a 200-day simple moving average of $53.94. The company has a market capitalization of $574.79 million, a PE ratio of 9.96 and a beta of 0.62.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). The firm had revenue of $34.40 million for the quarter, compared to analysts’ expectations of $34.62 million. Unity Bancorp had a return on equity of 16.40% and a net margin of 30.26%. Equities research analysts predict that Unity Bancorp will post 5.86 earnings per share for the current fiscal year.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of Unity Bancorp stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total value of $88,368.00. Following the completion of the sale, the director directly owned 113,854 shares of the company’s stock, valued at approximately $6,288,156.42. The trade was a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 28.87% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. CWM LLC boosted its holdings in shares of Unity Bancorp by 38.0% during the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 236 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Unity Bancorp by 159.1% in the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 606 shares during the period. Strs Ohio acquired a new position in Unity Bancorp in the first quarter valued at $49,000. State of Alaska Department of Revenue increased its stake in Unity Bancorp by 261.1% in the fourth quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 1,021 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Unity Bancorp by 14.8% during the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after buying an additional 372 shares during the period. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Unity Bancorp Company Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.